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Supplementary Oil and Gas Information (Tables)

12 Months Ended

Dec. 31, 2025

Extractive Industries [Abstract]

12 Month Average Trailing Prices

The following reference prices were utilized in the determination of reserves and future net revenue:

		Oil & NGLs								Natural Gas
		WTI ($/bbl)				Edmonton Condensate  (C$/bbl)				Henry Hub ($/MMBtu)				AECO (C$/MMBtu)
Reserves Pricing (1)
2025		$	65.34			$	90.09			$	3.39			$	1.76
2024			75.48				99.60				2.13				1.26
2023			78.22				104.61				2.64				2.78

(1)All prices were held constant in all future years when estimating net revenues and reserves.

Net Proved Reserves

	Oil (MMbbls)												NGLs (MMbbls)												Natural Gas  (Bcf)												Total (MMBOE)
	United States				Canada				Total				United States				Canada				Total				United States				Canada				Total
2023
Beginning of year		535.2				0.1				535.3				457.8				149.0				606.9				2,698				4,090				6,789				2,273.6
Revisions and improved recovery (2)		(134.0	)			-				(134.0	)			(89.1	)			(6.2	)			(95.4	)			(460	)			(21	)			(482	)			(309.6	)
Extensions and discoveries		64.7				-				64.7				23.3				20.4				43.6				146				916				1,061				285.3
Purchase of reserves in place		160.0				-				160.0				46.6				1.1				47.7				201				17				218				243.9
Sale of reserves in place		(49.1	)			-				(49.1	)			(28.9	)			-				(28.9	)			(137	)			-				(137	)			(100.8	)
Production		(58.0	)			-				(58.0	)			(31.2	)			(17.4	)			(48.6	)			(189	)			(411	)			(599	)			(206.5	)
End of year		518.8				0.1				518.9				378.4				146.9				525.3				2,259				4,591				6,850				2,185.9
Developed		277.6				0.1				277.7				275.7				78.0				353.7				1,695				2,590				4,286				1,345.6
Undeveloped		241.2				-				241.2				102.7				68.9				171.6				564				2,000				2,565				840.2
Total		518.8				0.1				518.9				378.4				146.9				525.3				2,259				4,591				6,850				2,185.9
2024
Beginning of year		518.8				0.1				518.9				378.4				146.9				525.3				2,259				4,591				6,850				2,185.9
Revisions and improved recovery (2)		2.9				0.1				2.9				129.1				(43.7	)			85.4				639				(2,476	)			(1,837	)			(217.9	)
Extensions and discoveries		118.0				0.3				118.3				58.2				13.6				71.8				346				315				660				300.1
Purchase of reserves in place		1.8				-				1.8				1.0				-				1.0				6				1				7				4.0
Sale of reserves in place		(0.3	)			-				(0.3	)			(0.4	)			-				(0.4	)			(2	)			-				(2	)			(1.0	)
Production		(61.4	)			(0.1	)			(61.5	)			(31.8	)			(17.1	)			(48.9	)			(197	)			(425	)			(621	)			(214.1	)
End of year		579.8				0.2				580.0				534.5				99.7				634.2				3,052				2,005				5,057				2,057.1
Developed		273.7				0.2				274.0				336.2				59.9				396.1				1,953				1,269				3,222				1,207.1
Undeveloped		306.0				-				306.0				198.4				39.8				238.2				1,099				736				1,835				850.0
Total		579.8				0.2				580.0				534.5				99.7				634.2				3,052				2,005				5,057				2,057.1
2025
Beginning of year		579.8				0.2				580.0				534.5				99.7				634.2				3,052				2,005				5,057				2,057.1
Revisions and improved recovery (2)		(29.9	)			0.1				(29.8	)			10.1				10.8				20.9				190				1,053				1,243				198.2
Extensions and discoveries		19.6				-				19.6				13.6				6.1				19.7				69				529				598				138.9
Purchase of reserves in place		33.3				-				33.3				24.3				101.5				125.8				119				797				916				311.8
Sale of reserves in place		(108.2	)			-				(108.2	)			(14.9	)			-				(14.9	)			(201	)			-				(201	)			(156.6	)
Production		(52.0	)			(0.2	)			(52.1	)			(31.9	)			(27.1	)			(58.9	)			(188	)			(492	)			(680	)			(224.3	)
End of year		442.5				0.2				442.7				535.8				191.1				726.8				3,041				3,892				6,933				2,325.1
Developed		240.6				0.2				240.8				364.9				105.6				470.5				2,123				2,572				4,695				1,493.7
Undeveloped		201.9				-				201.9				170.9				85.5				256.4				919				1,319				2,238				831.3
Total		442.5				0.2				442.7				535.8				191.1				726.8				3,041				3,892				6,933				2,325.1

(1)Numbers may not add due to rounding.

(2)Changes in reserve estimates resulting from application of improved recovery techniques are included in revisions of previous estimates.

Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves

		United States												Canada
		2025				2024				2023				2025				2024				2023
Future Cash Inflows		$	41,435			$	52,682			$	47,946			$	15,123			$	6,562			$	19,697
Less Future:
Production costs			12,732				15,122				14,405				7,505				3,959				8,147
Development costs			6,895				10,269				8,849				3,004				1,537				2,264
Income taxes			3,042				3,690				2,735				155				94				2,016
Future Net Cash Flows			18,766				23,601				21,957				4,459				972				7,270
Less 10% annual discount for estimated
timing of cash flows			8,871				10,741				10,182				1,440				160				2,963
Discounted Future Net Cash Flows		$	9,895			$	12,860			$	11,775			$	3,019			$	812			$	4,307
														Total
														2025				2024				2023
Future Cash Inflows														$	56,558			$	59,244			$	67,643
Less Future:
Production costs															20,237				19,081				22,552
Development costs															9,899				11,806				11,113
Income taxes															3,197				3,784				4,751
Future Net Cash Flows															23,225				24,573				29,227
Less 10% annual discount for estimated
timing of cash flows															10,311				10,901				13,145
Discounted Future Net Cash Flows														$	12,914			$	13,672			$	16,082

Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves

		United States												Canada
		2025				2024				2023				2025				2024				2023
Balance, Beginning of Year		$	12,860			$	11,775			$	18,968			$	812			$	4,307			$	8,531
Changes Resulting From:
Sales of oil and gas produced during the year			(3,163	)			(3,984	)			(3,969	)			(1,197	)			(580	)			(1,067	)
Discoveries and extensions, net of related costs			338				2,106				1,141				365				152				1,059
Purchases of proved reserves in place			587				34				2,440				907				-				24
Sales and transfers of proved reserves in place			(1,551	)			(11	)			(1,765	)			-				-				-
Net change in prices and production costs			(3,678	)			(1,704	)			(5,730	)			1,112				(1,700	)			(6,867	)
Revisions to quantity estimates			90				2,148				(5,250	)			721				(3,073	)			(143	)
Accretion of discount			1,451				1,286				2,290				89				549				1,094
Development costs incurred during the year			1,555				1,850				2,184				615				441				575
Changes in estimated future development costs			1,053				(67	)			(1,384	)			(361	)			(393	)			(120	)
Other			(1	)			-				1				-				(1	)			-
Net change in income taxes			354				(573	)			2,849				(44	)			1,110				1,221
Balance, End of Year		$	9,895			$	12,860			$	11,775			$	3,019			$	812			$	4,307
														Total
														2025				2024				2023
Balance, Beginning of Year														$	13,672			$	16,082			$	27,499
Changes Resulting From:
Sales of oil and gas produced during the year															(4,360	)			(4,564	)			(5,036	)
Discoveries and extensions, net of related costs															703				2,258				2,200
Purchases of proved reserves in place															1,494				34				2,464
Sales and transfers of proved reserves in place															(1,551	)			(11	)			(1,765	)
Net change in prices and production costs															(2,566	)			(3,404	)			(12,597	)
Revisions to quantity estimates															811				(925	)			(5,393	)
Accretion of discount															1,540				1,835				3,384
Development costs incurred during the year															2,170				2,291				2,759
Changes in estimated future development costs															692				(460	)			(1,504	)
Other															(1	)			(1	)			1
Net change in income taxes															310				537				4,070
Balance, End of Year														$	12,914			$	13,672			$	16,082

Results of Operations

The following table sets forth revenue and direct cost information relating to the Company’s oil and natural gas exploration and production activities.

		United States												Canada
		2025				2024				2023				2025				2024				2023
Oil, NGL and Natural Gas Revenues (1)		$	4,573			$	5,612			$	5,586			$	2,603			$	1,746			$	2,226
Less:
Production, mineral and other taxes			265				319				327				21				14				15
Transportation and processing (2)			450				510				547				1,235				1,043				1,056
Operating (2)			695				799				743				150				109				88
Depreciation, depletion and amortization			1,475				1,971				1,519				683				297				286
Impairments			49				-				-				871				450				-
Accretion of asset retirement obligation			10				9				8				18				10				11
Operating Income (Loss)			1,629				2,004				2,442				(375	)			(177	)			770
Income Taxes			354				436				531				(89	)			(42	)			182
Results of Operations		$	1,275			$	1,568			$	1,911			$	(286	)		$	(135	)		$	588
														Total
														2025				2024				2023
Oil, NGL and Natural Gas Revenues (1)														$	7,176			$	7,358			$	7,812
Less:
Production, mineral and other taxes															286				333				342
Transportation and processing (2)															1,685				1,553				1,603
Operating (2)															845				908				831
Depreciation, depletion and amortization															2,158				2,268				1,805
Impairments															920				450				-
Accretion of asset retirement obligation															28				19				19
Operating Income (Loss)															1,254				1,827				3,212
Income Taxes															265				394				713
Results of Operations														$	989			$	1,433			$	2,499

(1)Excludes gains (losses) on risk management and sales of volumes purchased from third parties.

(2)Excludes costs related to the purchase and sale of third-party volumes.

Capitalized Costs

		United States												Canada
		2025				2024				2023				2025				2024				2023
Proved Oil and Gas Properties		$	50,573			$	50,246			$	47,440			$	19,560			$	15,763			$	16,644
Unproved Oil and Gas Properties			316				741				1,449				118				23				37
Total Capital Cost			50,889				50,987				48,889				19,678				15,786				16,681
Accumulated DD&A			39,294				37,770				35,799				17,163				14,821				15,332
Net Capitalized Costs		$	11,595			$	13,217			$	13,090			$	2,515			$	965			$	1,349
														Total
														2025				2024				2023
Proved Oil and Gas Properties														$	70,133			$	66,009			$	64,084
Unproved Oil and Gas Properties															434				764				1,486
Total Capital Cost															70,567				66,773				65,570
Accumulated DD&A															56,457				52,591				51,131
Net Capitalized Costs														$	14,110			$	14,182			$	14,439

Costs Incurred

		United States												Canada
		2025				2024				2023				2025				2024				2023
Acquisition Costs
Unproved		$	60			$	-			$	1,063			$	128			$	-			$	-
Proved			200				200				3,868				2,321				5				6
Total Acquisition Costs			260				200				4,931				2,449				5				6
Exploration Costs			2				6				3				1				-				-
Development Costs			1,553				1,925				2,224				550				467				562
Total Costs Incurred		$	1,815			$	2,131			$	7,158			$	3,000			$	472			$	568
														Total
														2025				2024				2023
Acquisition Costs
Unproved														$	188			$	-			$	1,063
Proved															2,521				205				3,874
Total Acquisition Costs															2,709				205				4,937
Exploration Costs															3				6				3
Development Costs															2,103				2,392				2,786
Total Costs Incurred														$	4,815			$	2,603			$	7,726

Costs Not Subject to Depletion or Amortization

Upstream costs in respect of significant unproved properties are excluded from the country cost center’s depletable base as follows:

As at December 31				2025				2024
United States				$	316			$	741
Canada					118				23
				$	434			$	764

The following is a summary of the costs related to Ovintiv’s unproved properties as at December 31, 2025:

		2025				2024				2023			Prior to 2023					Total
Acquisition Costs		$	197			$	-			$	183			$	23			$	403
Exploration Costs			3				6				3				19				31
		$	200			$	6			$	186			$	42			$	434

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